KUALA LUMPUR, Aug 18 — Gas Malaysia Bhd’s net profit rose to RM107.34 million for the second quarter ended June 30, 2022 (Q2) from RM62.34 million, mainly contributed by the higher gross profit, higher finance income, lower finance cost and higher contribution from the group’s joint venture companies, and partially offset by higher administrative expenses.

Revenue jumped 29.2 per cent to RM1.78 billion in line with the higher average natural gas selling price, in tandem with the global market price, mitigated by a lower volume of natural gas sold during the current quarter, the company said in a filing with Bursa Malaysia.

It said the further increase in revenue was also due to higher firm capacity reservations by shippers for the utilisation of the natural gas distribution system (NGDS) in the current quarter.

The natural gas distribution company’s basic earnings per share stood at 8.36 sen from 4.86 sen.

Following the good financial performance, Gas Malaysia has declared its first interim dividend of 5.90 sen per share on the 1,284,000,000 ordinary shares, amounting to RM75.75 million in respect of the financial year ending Dec 31, 2022, which will be paid on Oct 28, 2022.

“Malaysia’s economy is expected to continue to be resilient in 2022, supported by improving domestic demand as economic activity continued to normalise with the easing of containment measures. The group will continue to take prudent measures to maintain its operational efficiency, remain competitive and seek opportunities to grow its business.

“Based on the above, the board expects that the group will deliver a satisfactory performance for the financial year 2022 in tandem with the expected economic growth,” it said. — Bernama